New Home Sales Fall in March

The National Association of Home Builders (NAHB) tells sales of newly built, single-family homes dropped to a seasonally-adjusted annual rate (SAAR) of 328,000 units in March, a 7.1 percent decline from the 353,000 homes in February. NAHB Chief Economist David Crowe says, “The March decline is from a stronger-than-expected sales pace in February, and looking at the first quarter as a whole, sales are up 3.7 percent from the fourth quarter of 2011.” Regionally, the Northeast gained 7.7 percent while the South increased 3.1 percent. The Midwest registered a drop of 20 percent, while the West fell 27 percent. Inventory of new homes in March fell to a record low of 144,000 units, a 5.3 month supply at the current sales rate.

(Photo credit: Getty Images)

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